ECONOMY

12.23.11

Minimum Wage Increasing in 2012

Here's some news that will bring holiday cheer to a solid number of people earning minimum wage in America: On New Year's Day, 1.4 million low-income earners across eight states will see their wages get a modest boost. Workers in Arizona, Colorado, Florida, Montana, Ohio, Oregon, Vermont and Washington will receive a modest boost of between 28 and 37 cents per hour, due to state laws that require the minimum wage to keep up with inflation. The rate increase will add an extra $582 to $770 a year to the paychecks of full-time workers. Furthermore, the economy could see some improvements as well, as the wage increases are expected to boost consumer spending, add as much as $366 million to the nation's gross domestic, and make room for the creation of more than 3,000 full-time jobs.